Hi Mr Goh
Thank you for your inputs to Tan & Au relating to subject. We noted your opposition to privatize and would like to clarify the following pointers for your further consideration:
1) En Bloc potential:
With the current en bloc fever “over” will there still be an en bloc potential?
Answer:
Enbloc wave usually comes about when the market is rising. The property market has been rather quiet lately due to the impending
2) Perceived increase value
Currently, there are flats going for S$700-S$800K at least. Is there any empirical evidence that the “value” will increase significantly?
Answer: No one can predict price movements but going from
3) Residents who want to stay put.
For those who are contented in staying put, there is no advantage with the increased value – even if there was any. I would prefer a lower gearing, rather than tho refinance and gear up more and related to point 1 above as there are currently no competitive substitutes for our HUDC flats, I suspect that the enbloc will only benefit those intend to downgrade. The previously quoted S$1.15 mn cannot even afford me Braddel View of
Answer: The purpose of an enbloc is to unlock your wealth. Without an enbloc, it is unlikely for the price of a HDB flat to fetch beyond S$1m. With the potential sale proceeds from the enbloc, residents who wish to upgrade can easily afford landed properties within the same vicinity. In another way to look at the situation no one wants to sell and not have a better place to stay than Shunfu. However, looking at the other end of this reasoning, we can review how the residents of
4) Cash Flow
In addition to the unfront cash to be paid (which is quite a lot of money), there are added management costs to be borne monthly.
Answer: Once the estate is privatized, owners will not only hold ownership of their respective strata units but also ownership of all the common areas. Owners will become an integral part in the whole decision making process. The privatized estate will offer a host of amenities like guarded parking space, 24 security, clubhouse etc. The management fee contributed by owners is used to maintain such facilities and to ensure that the standards of maintenance and care are constantly addressed and improved. We must also note that without privatization, the residents of Shunfu are not receiving any subsidy from Town Council. We need to note that Town Council is managing our fund using our sinking as well as operations funds for the upgrading projects like rewiring and painting to name few in the estates. We like to emphasize there will not be upfront cash, but cash payable only 18 month (estimated) after 75% residents has cast their votes in favor for privatization.
Mr Goh, we hope that the above pointers would help to clarify any doubts you may have. I must emphasize that HDB authority has made it very clear to us that we need to privatize our estates in order to enhance our HUDC assets. There is no other way if we insist not to privatize and still get the value of our estates to be enhanced. The choice is ours. We need to take a step forward and say “yes” we want to privatize to enhance our Shunfu Ville –HUDC estates.
You can refer to our Shunfu Ville-HUDC web-site for any additional comments you would like to share at: http://xuko.com/shunfu or call the undersigned at 97482102 for any clarification you may need.
Have a good day!!!
Philip
Thank you philip for your detailed reply.
1. I am just not sure how this will benefit those who are intending to stay put.
The “unlocking of wealth” is not worth much, if we are happying staying here, esp with the MRT coming up soon – I feel that it is really a good place for us to stay.
2. There are also not many comparative alternatives.
Where else can we stay with 1700 sq ft, near MRT, and such a nice surroundings, in this location?
There is no point getting $1.2mn (which was the last quoted enbloc price), and then not having any alternatives to move to.
Thanks
Soo Sing
Dear Soo Sing
The ‘privatisation’ exercise is not an ‘en bloc’ and there is no need to move out.
We will all be staying put.
Yes. The MRT is coming and life will be better. Commuting to work is easier once the trains start running.
Yes. There is no point in getting 1.2m and not having an better alternative to move to.
Many people are confused about ‘privatisation’ and ‘en bloc’ and some people are worried, just like you.
Let me try to clarify.
‘Privatisation’ is not ‘en bloc’.
Nobody needs to move, unlike en bloc.
Privatisation simply means that we become true owners of Shunfu Ville, like all the other owners of private properties in Singapore.
We no longer like HDB owners and we are not restricted by HDB rules and regulations.
We can rent out our apartments as and when we wish and we can rent out the entire apartment without having to get approval.
We own the entire estate and nobody can walk in and out of it like they do now. We have grown up. We are no longer HDB.
We own the entire estate and so we do not need to pay for car park.
We can sell our apartment to any one in the world, a right that all other HUDC Phase 1 and Phase 2 owners enjoyed from day one.
We are also entitled to buy another HDB resale units.
If we wish, we can mortgage the property again.
In short, we are now a full-fledged private condo.
We will manage our own affairs. Together, all the owners will decide how our estate is to be run through a management council to be elected by us, the owners.
Hope the above answers your questions!
Come and sign up for provatisation, Bring the original and a copy of your IC.
Let us show to the world that Shunfu has grown up and we are able to manage our own affairs.
best wishes
Joseph
Hi Mr Goh,
If you look at the resale price of Lakeview and Braddell View, the units are all more than $100,000 more than our. The difference is mainly that we are not privatised. It is alright if you are happy staying in Shunfu. I am also happy to stay in Shunfu. However, if the resale price is high, anytime we have an emergency and need the cashflow, mortgaging the asset would give us a higher quantum.
Privatisation will also make our estate exclusive and every owner can make an informed decision on what the estate needs rather than leave it to the town council.
I agree with Annie’s query. It is very shocking that there is no legal ruling or provision about the time frame for a privatization exercise! The roof over a person’s head is so critical for existence, yet it can be knocked out if neighbours want to sell their own roofs? So, like a writer in the Forum Page of Strait Times wrote that in Singapore, one cannot call one’s home a home because neighbours can drive you out of it!!
2. One more very disturbing thing. The protem committee’s letter dt 15 February (Para 2) clearly says that if you do not sign, “it will be automatically taken that you are against privatization”.
This means: All those who were present in the estate and did not sign have said NO to privatization
Many questions here:
1. Why was a sign placed (on March 1 & 2, 2008) for people to sign “No”
if they were against privatization?
2. Why is the pro-tem committee now trying to change the minds of those
who have not signed?
A resident has reported that a letter was slipped under the door, and the letter painted was aimed at changing the minds of those who have not voted.
3. This means if a resident has voted NO by not signing, then their
subsequent signing in favour of privatization is NOT VALID
4.3. If the on-going exercise (translated as “no time limit”) is to “accommodate
residents who were overseas, and unable to be present on the signing day”,
then only those residents’ signatures should be counted.
So, is anybody going to address these questions? Or is it going to be one of those questions that will be “ignored” because the supporters do not have a justification to offer?
Hi Elaine,
Please see Privatisation Duration as explained by our lawyer Tan & Au LLP.
The Pro-tem Committee endeavour to be transparent when explaining the need for privatisation to all residents. For the convenience of those who have not sign, we have arrange for the lawyers to be present on Sunday, 23rd March 2 to 4pm to witness the signing.